FINANCIAL NEWS

Egypt signs USD521m electricity loan

04 May 2015

(MENAFN) Egypt has finalized an agreement with five banks for a USD521 million loan backing the country’s agonized electricity sector, the chairman of the loan arranger Banque Misr said, Amwal Al Ghad reported.

The sum is set to be deposited in the government-owned Egyptian Electricity Holding Company (EEHC) and the contract signing is set to take place this week.

The loan is set in hopes of funding the country’s plan of reviving and boosting Egypt’s electricity production before the upcoming summer, in which a syndicate will construct 8 units with 1000 megawatts for Assiut station.

The five funding banks are the National Bank of Abu Dhabi with USD221 million, Bank Audi USD90 million, Egyptian Gulf Bank USD90 million, Banque Misr USD60 million, and Banque Du Caire USD60 million.

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